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Inflation rises to 3.2% in January as fuel price ceiling goes

February 1, 2024

Inflation rose to 3.2% in January, national statistics agency CBS said on Thursday in a snap estimate based on incomplete figures.

Nevertheless, the January figure is a sharp rise on December, when inflation was 1.2%. Excluding fuel costs inflation was 3.5% in January, compared with 3.4% in December.

In January, the role of high energy prices on inflation fell because of the impact of the price ceiling introduced in January 2023. That has now ended.

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